RTL Investor Guidelines

Maximum loan as a percent of LTP/LTV (purchase or as-is value), LTC (total cost), and LTARV (after-repair value). Tier set by completed projects in the last 3 years.

Light rehab = construction budget < 50% of project costs, no use conversion or addition of > 10% of GLA.

Heavy rehab = construction budget ≥ 50% of project costs, OR use conversion, OR addition of >10% of GLA, OR budget > $300k (CA), >$250k (outside CA), >$40k/door MFR ($50k/door CA).

* 90% LTC requires a construction budget below $500,000; otherwise LTC is limited to 85%.

† 0-3 builds: allowed at the 4-5 build leverage, with additional due diligence (the rate carries the Tier 3 add-on).

Heavy Rehab on multi-family is reviewed on a case-by-case basis. Submit for individual approval with project specifics.

Multi-family ground-up construction is reviewed on a case-by-case basis. Submit for individual approval with project specifics.

Loan Term

6 – 24 months

Loan Amount

$100,000 – $3,500,000 (max balance depends on location; higher balances accepted with additional review)

Minimum

$100,000 hard minimum — loans below $100k are not originated.

Loans $100k – $125k

Below the Colchis securitizable minimum, so SLA-funded at the floor: 12% interest / 2.25 points, and requires approval. Standard pricing resumes at $125,000+.

• SFR (1-4 units)
• Townhome
• Condo
• Small multi-family (5-20 units)

High-value properties are measured by comparing the AIV (bridge) or ARV (rehab/construction) to the ZIP code's ZHVI:

• Value > 200% ZHVI: -5% reduction in LTV or LTC/LTARV
• Value > 300% ZHVI: -10% reduction in LTV or LTC/LTARV

What counts toward LTC

LTC uses property purchase price + hard and soft construction costs related to the improvement of the property.

Excluded costs

• Financing/closing costs
• Inspections
• Insurance/taxes
• Staging
• Other ancillary costs not directly related to rehab/construction

Construction funding

Loan funds 100% of construction costs unless approved otherwise by Colchis.

Wholesale fees & back-to-back

• Verified 3rd party wholesale fee credit up to 15% of purchase price, max credit of $75K
• Back-to-back sales treated as wholesale fee when verified 3rd party transaction

Acquisitions & delayed acquisitions

• Acquisitions > 2 years old use AIV subject to evaluation
• Refinances of cash purchases within 120 days are considered delayed acquisitions

Light Rehab

Construction budget < 50% of project costs, AND no use conversion or addition of > 10% of GLA.

Heavy Rehab

Triggered by ANY of the following:

• Construction budget ≥ 50% of project costs
• Use conversion (e.g., commercial → residential)
• Addition of > 10% of GLA (gross living area)
• Budget > $300K (in CA), or budget > $250K (outside CA), or budget > $40K/door for MFR ($50K/door in CA)

Tier is based on completed projects of similar or greater scope in the last 3 years.

• 8+ projects — best tier (Tier 1) for rehab and bridge
• 4-7 projects — Tier 2
• 0-3 projects — Tier 3 (least favorable)
• Construction tiers differ slightly: 6+, 4-5, 0-3

• Guarantors must control ≥50% of the borrowing entity
• Min 680 FICO, scored within 90 days
• No foreclosures, short sales, liens, lis pendens, judgments, or bankruptcies in the last 3 years
• No felonies
• Lowest FICO among material owners (≥25% ownership of entity) and managers is considered

Minimum required:

• Down payment
• 20% of rehab budget
• 6 months PITIA

Liquidity verified by 2 months of bank statements, latest statement not more than 45 days old.

Underwriting

Loan is underwritten in compliance with the originator's underwriting guidelines.

Valuation requirements

All valuations must have been completed within 120 days.

• Bridge or Light Rehab ≥ $500K: Full Appraisal
• Bridge or Light Rehab < $500K: Interior BPO or Hybrid Appraisal with photos taken by 3rd party
• Heavy Rehab, New Construction, or MFR: Full Appraisal

Exceptions to criteria considered on an individual basis with compensating factors.

Constructive (BPL Mortgage) is priced by an admin in the RTL sizer's Admin Mode, beside Colchis. Leverage is the lesser of Initial LTC (on the lower of purchase price and as-is value), Total LTC (that value + budget) and LTARV; the budget is financed 100%. Tiers count completed projects in the last 3 years.

* Purchase, single-family residence only, 720+ FICO. † With plans & permits imminent; otherwise 50%. Project type = the higher of the budget math (≤5% of value Bridge, <25% Light, 25–50% Standard, 50–250% Super, over 250% ground-up) and the structural scope. Silver: no Super Rehab, no ground-up, no cash-out.

Leverage adjustments (non-cumulative — the largest one applies)

• Cash-out refinance, foreign national, Florida, Texas, Nassau & Suffolk: −5%
• New York City counties (Bronx, New York, Richmond, Kings, Queens): −15%
• Non-warrantable condo: Initial LTC and LTARV the lesser of cap −10% or 65%

Pricing

+0.75% ground-up · +0.50% rate & term refinance · +1.00% cash-out refinance. The rate is Constructive's: no yield spread. SLA's origination is at least 2.00 points (2.50 under $200,000) on top of Constructive's points; Admin Mode cannot go lower. Total points at most 4.50. Constructive's lender fees are added to SLA's flat fees.

Loan Amount

$75,000 – $2,000,000

Term

Up to 18 months including extensions; fixed rate, interest only, 3 months' minimum interest, no prepayment penalty

FICO

680 representative (middle) score; 600 on every bureau; 700 for ground-up

Ineligible

ND, SD, NV, and Baltimore City, MD. 5+ units, rural, condos beyond Light Rehab

Entity only

CO, FL, GA, NY, VA

Profitability

ARV at least 115% of purchase price + budget (an exception below that)

Equity

At least $7,500 of the borrower's own money in every deal

Valuation

No BPOs. $500,000 or less: a Richer Values report the borrower pays for. Over $500,000: interior appraisal from a BPL-approved AMC

Line of credit

Required once a borrower has 4+ open loans or $1.5M in exposure with BPL

Liquidity

Loans $1M+ with a holdback: 10% of budget. Ground-up: 20% of budget (min $50,000). Foreign nationals: 25% (Gold) / 20% (Platinum) of the loan

Constructive's full RTL guidelines (PDF, Sep 15, 2026) →